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Generali Launches EUR1 18 Billion Offer for Italian Insurer Cattolica
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Provided by Dow Jones (Adds detail on combined market share, synergies and share movement.) By Pietro Lombardi Assicurazioni Generali SpA has launched a 1.18 billion-euro ($1.44 billion) takeover offer for smaller peer Societa Cattolica di Assicurazione SpA in a bid to cement its position as the largest insurer in Italy. Generali said Monday that it is offering EUR6.75 for each share in Cattolica, which corresponds to a premium of roughly 15% to the May 28 closing price. Generali is already Cattolica s largest shareholder, with a stake of about 24%. The deal would see Generali take the top spot in the country in the non-life insurance market, while also reinforcing its position in the life segment.